As mobile banking use surges worldwide in response to COVID-19 and its associated lock-downs, a corresponding rise in mobile banking fraud continues to increase in prevalence and sophistication.
The December 2020 discovery of an “evil emulator farm” demonstrated that mobile fraudsters can now automate their processes. They can now easily harvest mobile device identifiers, spoof GPS locations, and intercept SMS messages to bypass static multi-factor authentication. Achieving unforeseen levels of scale and speed of operation, these cybercriminals successfully emulate unsuspecting users’ mobile devices and drain millions from online bank accounts in record time.
By modernising their authentication framework (including secure provisioning, secure channel communication, client- and server-side risk analysis, continuous session monitoring with risk assessment and machine learning (ML)), financial institutions can stay one step ahead of attacks.
In this webinar, OneSpan’s mobile fraud experts explore approaches to eliminate the impact of increasingly sophisticated fraud threats and share strategies to protect mobile users by deploying advanced app security to prevent emulation.
- Greg Hancell, Manager, Fraud Consulting, OneSpan
- Ralitsa Miteva, Business Solution Manager – Risk Analytics and Fraud Detection, OneSpan